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Welcome to Merchants Microfinance Bank Limited

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About Merchants Microfinance Bank Limited

Background Information | Personnel |Management | Board |Why Merchant?

In 2008, an 8 Man Project Committee was set up by the Item Development Association (an umbrella association of Item people in Nigeria and in Diaspora) to midwife a microfinance bank that will be a source of empowerment for Item sons and daughters at the grassroots level in particular and the public in general. The members of the Committee were:

High Chief Rex U. Iko                      Chairman
Chief Joseph C. Ogwo                     Vice Chairman
Comrade Ogbonnaya Iheaka             Secretary
Elder Dr. Emma Ndukwe                   Member
Chief Onwukwe O. Onwukwe           Member
Chief Felix Anyansi Agwu                 Member
Mr. Agu Imo                                   Member
Mr. Ndubuisi E. A. Ogwo                  Project Manager/Member

On 31st July, 2009, the bank was incorporated with the aim of introducing into the Microfinance Banking Industry a set of values and quality service that can compare with the highest standard anywhere in the world.

The main objective of the Project Committee was to source for funds from Item sons and daughters through the sale of shares, to renovate the building for the bank, to register and equip the bank for banking services. The project was completed in November, 2009 by Elder Emma Ndukwe who acted for the Chairman of the Project Committee during his absence.

The bank was licensed to operate as a Microfinance Bank by the Central Bank of Nigeria in February, 2010 and fully commenced banking operations in the same month. The bank has shareholders fund in excess of ₦30,000,000.00 (thirty million Naira).

Our Vision

To become the Microfinance Bank of 1st Choice, noted for high level of transparency, efficiency, capacity and superlative customer service. The objective is to be the Microfinance Bank of Choice in the country by the year 2015.

Our Mission

To provide banking services in an efficient manner in order to add value to customers and stakeholders.

Our Refrees

Central Bank of Nigeria (CBN)
Merchants Microfinance Bank Limited is duly licensed by the Central Bank of Nigeria to operate as a microfinance bank in Nigeria.

Ministry of Niger Delta
Merchants Microfinance Bank Limited is one of the banks nominated by the Ministry of Niger Delta to participate in their Micro Credit and Poverty Aleviation Project in Abia State, Nigeria.

Nigeria Depositors Insurance Commission (NDIC)
Merchants Microfinance Bank Limited is insured by the NDIC, meaning that depositors funds are in good hands.